Some good articles on the topic
India sees slowdown in IT, call center hires
Every dark cloud has a silver line -As the economic situation is not that good, companies will have low attrition rates as job hops by the employees would be low/minimal, which is a good factor, to appeal, for companies when they try to hassle a new biz deal. As companies try to bring down the cost on I.T. more work would be outsourced to the offshore side , which is again a good factor for the industry.